diff --git a/package/time/time.hash b/package/time/time.hash
index 6ad8c24e54..7d395bfb6c 100644
--- a/package/time/time.hash
+++ b/package/time/time.hash
@@ -1,2 +1,3 @@
 # Locally calculated
-sha256	e37ea79a253bf85a85ada2f7c632c14e481a5fd262a362f6f4fd58e68601496d	time-1.7.tar.gz
+sha256	8a2f540155961a35ba9b84aec5e77e3ae36c74cecb4484db455960601b7a2e1b	time-1.8.tar.gz
+sha256	8ceb4b9ee5adedde47b31e975c1d90c73ad27b6b165a1dcd80c7c545eb65b903	COPYING
diff --git a/package/time/time.mk b/package/time/time.mk
index 8092ea9556..c238ee6e27 100644
--- a/package/time/time.mk
+++ b/package/time/time.mk
@@ -4,10 +4,10 @@
 #
 ################################################################################
 
-TIME_VERSION = 1.7
+TIME_VERSION = 1.8
 TIME_SITE = $(BR2_GNU_MIRROR)/time
 TIME_CONF_ENV = ac_cv_func_wait3=yes
-TIME_LICENSE = GPL-2.0+
+TIME_LICENSE = GPL-3.0+
 TIME_LICENSE_FILES = COPYING
 
 # time uses an old version of automake that does not support